Interest Liability for Delayed Payment of Tax/ Refunds, Excess Claim of ITC under CGST: Central Tax Notification 13/2017

CBEC Notifies Interest Liability (Applicable Rate) in the case of Delay in Payment of Tax, Excess Claim of Input Tax Credit or Issue of Refund under CGST: Central Tax Notification No. 13/2017 dt. 28 June 2017

The CBEC has notified Interest Rates which shall be applicable under Sections 50, 54 and 56 of the CGST Act, 2017, in the case of Delay in Payment of Tax and Excess Claim of Input Tax Credit by the taxpayer or for delay in Issue of Refund to the taxpayer under the CGST, as under:

CGST Interest Rate Delayed Tax Payment/ Refund/ Excess ITC: Central Tax Notification 13/2017 dt. 28 June

G.S.R. …..(E).—In exercise of the powers conferred by sub-sections (1) and (3) of section 50, sub-section (12) of section 54 and section 56 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby fixes the rate of interest per annum, for the purposes of the sections as specified in column (2) of the Table below, as mentioned in the corresponding entry in column (3) of the said Table.

Sl. No. Section Rate of Interest (%)
(1) (2) (3)
1 Sub-section (1) of section 50 18
2 Sub-section (3) of section 50 24
3 Sub-section (12) of section 54 6
4 Section 56 6
5 Proviso to section 56 9

2. This notification shall come into force from the 1st day of July, 2017.

Related Posts:

Latest Central Tax (CGST/ IGST) Notifications (2017) issued by CBEC

Central Goods and Services Tax (CGST) Rules, 2017 (Chapter-wise/ Rule-wise)

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